Four Of Many Reasons to Say No!

• The Debt Isn’t Going Anywhere!

Both NB’s Auditor General and Liberal Finance Minister have both stated in public that elimination of NB Power’s debt will have NO effect on our provincial debt!

Our provincial debt, which has soared to over $7 billion in the past 3-years, is serviced through the taxes we pay. NB Power’s debt is serviced by the users of electrical power, the rate payers.

We, the ratepayers, will continue to service the NB Power debt, except, after giving away our assets, we will be paying off Hydro Quebec’s debt! It’s more like renting versus paying on your mortgage.  

• 5-Year Savings May Be Overblown!

CBC has reported that savings being promoted by the liberal government may not be realized by many New Brunswickers’. Actual savings could be as little as $19 per household versus the higher figures the government’s sales pamphlets and paid advertisements project.

Residential and small business customers will see their rates frozen at much higher rates than Quebec residents will pay! Meanwhile, 50 of New Brunswick’s large industrial customers will have their rates lowered to Quebec Industrial rates and receive over 80% of all benefits available in the first year alone!  

• It’s a $4.75 NOT a $10 Billion Deal!

The Liberal government wants you to believe that this is a $10 billion deal but it’s not!  

As Rod Gillis, a NB Lawyer and long time critic of NB Power say’s, “When you buy a car that is more gas efficient, the sales price is the price the dealer charges and you pay. The gas savings are part of the decision to buy but are not included in the end price.” 

The liberal government is selling all our NB Power assets for $4.75 billion. These assets, NB Power has stated in their 2009 financial statement, have an at cost value of over $7 billion. “At cost value” means what was paid for the assets NOT what their current, higher replacement value is! The Point Lepreau nuclear plant alone, when fully operational, is reported will have an estimated value of between $4 & $8 billion! In addition, it will have an operational life of between 25 and 30 years and return billions in power revenue! 

• No matter what is said, We Will Lose Our Energy Sovereignty!

It is clearly stated in section 3.1 of the memorandum of understanding that New Brunswick must change legislation and regulations to comply with those in effect in Quebec. Our Government leads us to believe that the Electrical Utilities Board will provide us all the protection that we will ever need. This is the same government that said they would never sell NB Power! How can we trust anything this government says! With this deal we are giving up our energy independence … forever! 

As Mr. Gillis so eloquently stated, “It is not in the public interest to trust those that have negotiated this agreement, as they do not know what they are doing.”